As Three Arrows Capital (3AC) goes through the liquidation process mandated by the Order of the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands, the full depth of the company's implosion and its effect on the crypto industry is starting to become clear.
The details come from affidavits filed on July 7 show 3AC owes $3.5 billion to 27 companies and individuals who loaned the company money.
Chen Kaili Kelly, wife of co-founder Kyle Davies, made a claim against the lenders for around $66 million. Zhu Su, a co-founder, put up a $5 million claim.
According to Wu Blockchain, 3AC's biggest creditor, Genesis Asia Pacific, filed a $1.2 billion claim against the company after providing the business with a $2.36 billion loan secured by 3AC's Grayscale Ethereum Trust (OTC:GBTC), Avalanche (CRYPTO: AVAX), and Near Protocol (CRYPTO: NEAR) tokens. You can find a complete list of Three Arrows Capital Creditors here.
Other creditors dealing with 3AC include Celsius Network and Voyager Digital, both of which have filed for bankruptcy. An $80 million claim has been made by Deribit, a cryptocurrency derivatives exchange, under the name DRB Panama Inc. Deribit lent 1,300 Bitcoin (CRYPTO: BTC) and 15,000 Ethereum (CRYPTO: ETH), totaling approximately $55.37 million at the current prices.
Also read: Celsius Bankruptcy Hearing: Lawyers Claim Users Gave Up Legal Rights To Crypto
Algorand (CRYPTO: ALGO), another popular cryptocurrency is also a creditor as revealed on Twitter Inc (NYSE:TWTR) on July 18.
Additionally, it was disclosed in the papers that ThreeAC Limited, the investment management division of 3AC, filed a $25 million lawsuit against the parent business.
The list of creditors, below, released in the liquidation filing is still not complete:
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